Libra, Facebook’s new cryptocurrency, has the potential to upend the global financial system. But can it really kill Bitcoin?
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 with the goal of becoming a global, decentralized currency. And it has largely succeeded in this aim, with people all over the world using it to buy goods and services or simply to speculate on its price.
But Bitcoin has also had its share of problems, from scalability issues to concerns about its energy consumption.
Enter Libra, Facebook’s new cryptocurrency. Libra is designed to be a more efficient and user-friendly version of Bitcoin, and it has the backing of some of the biggest names in the tech and finance industries.
Libra could potentially make cryptocurrencies mainstream, which would be huge for Bitcoin. But it could also spell trouble for Bitcoin, if Libra starts to eat into its market share.
So far, there’s no clear answer as to whether Libra will kill Bitcoin. But one thing is certain: Libra is a major threat to Bitcoin’s dominance of the cryptocurrency market.
Only time will tell how this all plays out.